Section 1603-C. Political Subdivision Interest Payments.--(a) In accordance with section 1604-C, each political subdivision which acquires property or services from a qualified small business concern but which does not make payment for each complete delivered item of property or service by the required payment date shall pay an interest penalty to the business concern in accordance with this section on the amount of the payment which is due. Unless a lower rate has been agreed to, the interest rate to be assessed against any late payments shall be determined by the Secretary of Revenue under section 1605-C(b): Provided, That any qualified small business concern shall conspicuously present a statement, on or with the invoice statement, that it meets the definition of a qualified small business concern contained in this article.
(b) A payment shall be considered made on the date on which a check for the payment is dated.
(1603-C added Dec. 12, 1994, P.L.1015, No.138)